Thiochemical Market, By Product Type (Mercaptans, Sulfide & Polysulfides, Sulfonyls, Thioglycolics, Sulfates & Sulfites, Others), End-use Industry (Oil & Gas, Animal Nutrition, Chemical, Pharmaceutical, Agrochemical, Electrical & Electronics, Cosmetics & Personal Care, Others) and Region - Forecast till 2032

Thiochemical Market Overview 
Thiochemical Market Size was valued at USD 2.60 Billion in 2023. The Thiochemical industry is projected to grow from USD 2.67 Billion in 2024 to USD 3.30 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 2.70% during the forecast period (2024 - 2032). Thiochemicals are compounds with a sulfur ion replacing the oxygen ion in the atom. The demand for thiochemicals may be boosted by the requirement for sulfur derivatives, which are used in a variety of industries. During the forecast period of Thiochemical Market, demand for these compounds is predicted to skyrocket due to their use in the oil and gas and animal nutrition industries. The prohibition on the use of methyl bromide in the manufacture of soil fumigants creates a market opportunity. Over the projection period, the introduction of dimethyl disulfide as a viable alternative that adheres to the Montreal Protocol's rules could offer up new prospects for market expansion. Poultry consumption is predicted to rise in the Asia-Pacific area, particularly in India and China, as a result of the rising population, which will raise the demand for poultry meat and eggs, resulting in higher thiochemical usage in the industry. The rising usage of thiochemicals in the synthesis of methionine, a key nutrient for the poultry sector, is projected to propel the market forward. The market's expansion is anticipated to be hampered by the high toxicity of thiochemicals such as isopropyl mercaptan and tetrahydrothiophene, which are combustible and exceedingly harmful to aquatic species. Increased market penetration in African markets such as South Africa and Kenya, on the other hand, is likely to present significant opportunities for the thiochemicals industry in emerging economies.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Report Overview

This report covers current events and trends in the market for thiochemicals to provide the most accurate forecasts and predictions. By correlating the historical data with key market dynamics, our analysts are able to make highly accurate projections. MRFR’s report includes a thorough analysis of the global thiochemical market segmented on the basis of product type, end-user, and region with astute insights. The report has been prepared to assist industry players in making the right decisions which can culminate in fruitful returns. Users will also come across drivers, trends, opportunities, and restraints which are likely to influence the growth of the market during the assessment period.

Segment Overview

By product type, the thiochemical market comprises sulfonyls, thioglycolics, sulfides & polysulfides, sulfates & sulfites, mercaptans, and others. The mercaptans segment is predicted to be worth USD 1,444.8 million by 2024. The demand for gas iodizers to control gas leakage is expected to catapult the segment growth over the forecast period.

Oil & gas, animal nutrition, agrochemicals-market-1267'>agrochemical-market-749'>agrochemicals, chemicals, pharmaceuticals, cosmetics & personal care, electrical & electronics, and others constitute as major market end-users.

The segments and sub-segments covered in the report are analyzed under five major regions – North America, Latin America, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA), with respective country-level market sizing. The standard definition of “thiochemical” is included in the report for a comprehensive understanding of the market. The report discusses and interprets the current trends and future opportunities of the market by delivering an unbiased growth assessment.

Players Covered

Taizhou Sunny Chemical Co., Ltd (China), SHINYA CHEM (China), Arkema SA (France), Zhongke Fine Chemical Co., Ltd. (China), Affon Chemical Co., Ltd. (China), TORAY INDUSTRIES, INC. (Japan), Chevron Phillips Chemical Company (U.S.), Varsal (U.S.), HEBEI YANUO Bioscience Co., Ltd. (China), Uniwin Chemical Co., Ltd. (China), Oxon Italia S.p.A. (Italy), Thermo Fisher Scientific (U.S.), Merck KGaA (Germany), BRUNO BOCK Chemische Fabrik GmbH & Co. KG (Germany), and BASF SE (Germany) are reputed players currently operational in the thiochemical market. The market is characterized by expansions and partnerships. This is evident by the establishment of the thiochemicals plant by Arkema in Malaysia. This move has strengthened Arkema’s position in Asia providing it an edge over its competitors.

The report offers comprehensive profiles on these market players and assesses their current standing in the thiochemical market. Company history coupled with annual turnover, segmental share, SWOT analysis, growth strategies, new product launches, mergers and acquisitions (M&A) activities, and latest R&D initiatives are outlined in the report.Recent Development

The US Food and Drug Administration has given Apotex Corp. approval and the Competitive Generic Therapy designation for its new generic variation of Atropine Sulfate Ophthalmic Solution USP, with a concentration of 1% increasing Thiochemical Market. Milla Pharmaceuticals, a division of the Alter Pharma Group, has received FDA approval for its latest generic version of magnesium sulfate in water for use in injection in single-patient use containers of non-polyvinyl chloride.

Research Methodology

Market Research Future (MRFR) employ a selective body of methods which assist in a scientific and systematic approach to research of the given field of study. Primary methods such as interviews with decision makers of leading competitors in the market have been used along with secondary methods to provide a comprehensive view of the market scenario. Credible sources such as white papers, annual reports, and SEC filings have been used as a part of objective secondary research methods. Top-down and bottom-up approaches have been applied to the field of study to provide accurate estimation and validation of the market. Inquisitive and proficient data analysts exhaust every line of research based on pertinent parameters to offer intelligent inputs and a dependable understanding of the market in its entirety.

Analysis Period

• Base Year - 2017


• Projection Period - From 2018 to 2024


• Market Denomination - USD Million


• Volume Unit – Kilo Tons


• Conversion Rate - Considered as per the respective financial years

For the scope of research, the report offers a comprehensive analysis of the global thiochemical market.

Product Type

• Mercaptans


• Sulfide & Polysulfides


• Sulfonyls


• Thioglycolics


• Sulfates & Sulfites


• Others

End-use Industry

• Oil & Gas


• Animal Nutrition


• Chemical


• Pharmaceutical


• Agrochemical


• Electrical & Electronics


• Cosmetics & Personal Care


• Others

Region

• North America; The U.S., and Canada


• Europe; Germany, Italy, Russia, the U.K, France, Germany, Spain, and Rest of Europe


• Asia Pacific (APAC); China, Japan, India, Indonesia, Australia, New Zealand, South Korea, and Rest of APAC


• Latin America; Argentina, Mexioc, Brazil, and Rest of Latin America


• The Middle East & Africa (MEA); Turkey, Gulf Cooperation Council (GCC), North Africa, and Rest of the MEA

Report Attribute/Metric	Details
Market Size 2023	USD 2.60 Billion
Market Size 2024	USD 2.67 Billion
Market Size 2032	USD 3.30 Billion
Compound Annual Growth Rate (CAGR)	2.70% (2024-2032)
Base Year	2023
Market Forecast Period	2024-2032
Historical Data	2018 - 2021
Market Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered	Product Type, Product Type and Region
Geographies Covered	North America, Europe, Asia Pacific, and Rest of the World
Countries Covered	The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled	Taizhou Sunny Chemical Co., Ltd (China), SHINYA CHEM (China), Arkema SA (France), Zhongke Fine Chemical Co., Ltd. (China), Affon Chemical Co., Ltd. (China), TORAY INDUSTRIES, INC. (Japan), Chevron Phillips Chemical Company (U.S.), Varsal (U.S.), HEBEI YANUO Bioscience Co., Ltd. (China), Uniwin Chemical Co., Ltd. (China), Oxon Italia S.p.A. (Italy), Thermo Fisher Scientific (U.S.), Merck KGaA (Germany), BRUNO BOCK Chemische Fabrik GmbH & Co. KG (Germany), and BASF SE (Germany)
Key Market Opportunities	New product launches and R&D Amongst major key Players
Key Market Dynamics	Bolstering demand for sulfur derivatives led by the various applications across industries.